Project Summary

Targeting Dalradian-style orogenic gold deposits, a district-scale property in NW Newfoundland next to the location of all recent gold production in Newfoundland.

• Total of 1,315 claims (328.75 sq. km)

• Virtually unexplored for Au

• Numerous cross-cutting structures

• Au anomalies in till/soil/rock/lakes

• Adjacent to Newfoundland’s current Au production on the Baie Verte Peninsula

This exciting project will not distract us from our flagship Moosehead Project but will become a great addition to our portfolio. We are excited and proud to have seized the opportunity to acquire, largely for staking costs only, a district-scale project in one of the hottest gold exploration jurisdictions in the world.

Historic exploration has been minimal with only one recorded drill hole testing for gold on the 475 sq. km property. An analogous geological setting, at multiple levels, to a multi-million-ounce gold deposit in the UK (Curraghinalt); anomalous gold in government lake-sediment and till geochemical surveys; gold in till samples taken by Sokoman in 2019 with many pristine gold grains indicating closeness to source; and rock samples with significant gold values - all of this is found on our Fleur de Lys property.

The Fleur de Lys Project is highly prospective for Dalradian-style (e.g., Curraghinalt) orogenic vein-hosted gold deposits and as such, represents a readily accessible yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The property has seen little modern exploration, with some areas remaining completely unexplored. Historical grab sample grades of 3.3 g/t Au to 25.5 g/t Au are reported from several separate locations (Note: historical assays have not been verified by the Company and should not be relied upon.)

Reconnaissance till sampling by Sokoman in 2019/20 over the “then” Crown Land in the Fleur de Lys belt has defined multiple gold targets, defined by 129 C-Horizon till samples sent to Overburden Drilling Management (ODM) in Ottawa, Ontario for gold grain analysis. Results gave 38 samples with >20 grains, 14 >40 grains with a maximum of 122 grains. Many samples with high gold-grain counts have a high percentage (30%-80%) of pristine grains, suggesting a local, probably less than 1 km, source for the gold.

At the Fleur de Lys Gold Project final results were released in December 2022, for all the 1,260 C-Horizon till results from Phase 1, C-Horizon till survey determined that an anomalous sample contains at least two times background or 20 gold grains. Of the 1,260 samples, 328, or just over 25%, have at least 20 gold grains (to a maximum of 230 grains) and are considered anomalous. Fifty-five (55) samples contain at least 60 grains (six-times background) and a number with more than 50% pristine gold grains. Gold grains described as pristine are considered to be from a local bedrock source (less than 200 m transport).

The till data have outlined a district-scale, prospective corridor of approximately 30 km strike length. The two highest values were total gold grain counts of 200 and 230, with 94 and 41 pristine grains respectively, suggesting a local source (less than 200 metres) for some of the anomaly clusters within the prospective corridor.

Follow-up prospecting, with trenching where warranted, will commence as soon as possible.

Company representatives have recently returned from Ireland where a field tour of the significant gold deposits of the area was examined. The trip confirmed many features directly comparable between Fleur de Lys and the Irish gold deposits.

Highlights

• Geological equivalent to the Dalradian belt in the Northern UK Caledonides (location of the six-million-oz Curraghinalt Deposit, an underground gold mine being developed in Tyrone County, Northern Ireland)

• 2019/2022  Sokoman tills returned over 200 gold grains with almost 50% pristine

• Unexplained gold anomalies in government-collected lake sediments and tills

• 98% of property is 100% owned with no royalties or required payments

• Historic exploration is scattered and quite limited - virtually none since late 1990s

• Only one drill hole for gold

• Gold in bedrock values range from 3.3 to 25.5 g/t gold not drilled

• Adjacent to all of Newfoundland’s current gold production

• Recent Federal/Provincial mapping and airborne geophysics, incorporated in a recently released digital geoscience atlas of the Baie Verte Peninsula

• Excellent infrastructure including ready access via hundreds of kilometres of paved secondary highways and forest-access roads

• Mining-friendly jurisdiction – in top-ten of Fraser Institutes (2020) global mining jurisdictions